NEW MARKET PROPERTIES, LLC ACQUIRES GROCERY-ANCHORED SHOPPING CENTER AT MAYNARD CROSSING

PRNEWSWIRE.COM

ATLANTA, Aug. 28, 2017 /PRNewswire/ — Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced the acquisition on August 25, 2017 of Maynard Crossing, an approximately 122,781 square foot shopping center located in the affluent Raleigh submarket of Cary, North Carolina and anchored by a 55,973 square foot Kroger grocery store.  Maynard Crossing is strategically located at the corner of Maynard and High House Road, a major intersection with over 43,000 cars per day.

PAC acquired this asset through its wholly-owned subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer of New Market said about the acquisition, “We are pleased to further expand into North Carolina, with the Raleigh MSA being the 11th fastest growing in the US and we believe the tenants at Maynard Crossing will continue to benefit from the surrounding dense three mile population of approximately 90,000 people with household incomes of over $107,000.” Mr. Murphy added, “The acquisition of Maynard Crossing increases the size of our retail portfolio to 35 grocery-anchored shopping centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt markets with strong demographics.”